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Do the Near-Elderly Value Mortality Risks Differently?

Author

Listed:
  • V. Kerry Smith

    (North Carolina State University)

  • Mary F. Evans

    (University of Tennessee at Knoxville)

  • Hyun Kim

    (Portland State University)

  • Donald H. Taylor

    (Duke University)

Abstract

Wage hedonic models are estimated with the Health and Retirement Study to measure the risk-wage tradeoffs (value of statistical lives) for older workers. The analysis explicitly allows for multiple employment states, including retirement, using a multinomial selection model. The results suggest that the oldest and most risk-averse workers require significantly higher, not lower, compensation to accept increases in job-related fatality risks. 2004 President and Fellows of Harvard College and the Massachusetts Institute of Technology. Classification-JEL: I12

Suggested Citation

  • V. Kerry Smith & Mary F. Evans & Hyun Kim & Donald H. Taylor, 2004. "Do the Near-Elderly Value Mortality Risks Differently?," The Review of Economics and Statistics, MIT Press, vol. 86(1), pages 423-429, February.
    • Handle: RePEc:tpr:restat:v:86:y:2004:i:1:p:423-429
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    JEL classification:

    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior

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